Global sales of virtual sensors are expected to reach $1.4 billion by 2025, expanding at a CAGR of 27.2%, according to a new report by Grand View Research, Inc. According to the report, virtual sensors will see greater use in the human activity recognition and in the healthcare domain. Implementation of cloud platforms integrated with IoT applications is driving the market growth.
Virtual sensors are software-based solutions and are also known as soft sensors. They are developed using multiple output readings of physical sensors as a mathematical model. These solutions are deployed to overcome the limitations associated to the physical sensors. A single virtual sensor is capable enough to predict results based on multiple parameters such as temperature, pressure, speed, and position. Hence, these solutions are increasingly deployed as an alternative to physical sensors, owing to cost benefits.
According to the report, the service segment is anticipated to witness higher growth, owing to growing training and consulting activities for imparting significant knowledge and advantages of virtual sensors. Other sectors expected to benefit from virtual sensors include cloud deployment and aerospace and defense.
The key players in the virtual sensors market are Siemens AG, General Electric Company; Aspen Technologies, Inc.; Elliptic Laboratories A/S; and Tactile Mobility.
According to the report, GE offers virtual sensors to reliantly work on Predix, a cloud-based platform mainly used in the industrial space. Siemens AG is working on digital twin technology for the development of virtual sensing solution for its customers. Siemens AG has developed the Simcenter solution that combines system simulation and 3D CAE to predict the performance parameters earlier and throughout the product lifecycle.
The solutions segment is expected to witness the largest virtual sensors market share over the forecast period. This is attributed to advent of Industry 4.0 and rising demand for cloud-based solutions in manufacturing facilities. Such solutions are anticipated to promote the robot guidance operations by sensing and reducing accidents.
The report expects robust growth in the Asia Pacific market, while North America is expected to hold the largest market share over the forecast period. This is attributed to rising demand for IoT cloud models and continuous innovations in the field of VR. In addition, growing adoption of advanced technologies among the companies in the region is driving market growth.